New Mexico PTET 2026: deadline, rate, who can elect
New Mexico (NM), tax year 2026, from the same rules the connector returns. Last verified October 24, 2026.
Informational. Not tax advice.
Elective PTET
Yes
A pass-through entity may elect each year to pay tax at the entity level.
Who can elect
A pass-through entity, with the exclusions the page states for the withholding election. The entity may not pay the tax for the United States, New Mexico, their political subdivisions, a federally recognized Indian nation, tribe, or pueblo, or a section 501(c)(3) organization, among the owners the page lists.
The election is binding on the owners.
How the election is made
The entity elects by filing the required New Mexico return and paying the tax by that return's due date.
The page says estimated payments do not have to be quarterly.
Election deadline
The due date of the required New Mexico return. The page says the payment requirement is met by paying the tax by that date.
A separate pre-return election date is not stated.
Rate
The higher of the personal or corporate income tax rate. The page says the highest rate for both is currently 5.9 percent.
The page answers that question directly.
Owner relief
Not verified. The page says an annual statement reports a credit for entity-level tax on Form RPD-41359. It does not state the credit computation.
Estimates
Estimated payments do not need to be made quarterly.
The page states that limit for the entity-level tax.
Sunset or repeal
Not verified. The page does not state a sunset.
Still open in the source review
- The page says the highest personal and corporate rates are currently 5.9 percent. It does not state a separate 2026 election calendar date.
Sources for this year
Bonus-depreciation conformity is on its own page.